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The Indian market ended on a flat note in the highly volatile session on April 3. At close, the Sensex was down 27.09 points, or 0.04 percent, at 73,876.82, and the Nifty was down 18.6 points, or 0.08 percent, at 22,434.70.
Amid weak global cues, the market opened on a negative note but erased all the losses in the initial hours and inched closer to record highs supported by IT, metal, oil & gas, power names. However, selling at final hour erased the intraday gains.
Shriram Finance, NTPC, TCS, Axis Bank and Tech Mahindra were among major gainers on the Nifty, while losers were Nestle India, Bajaj Auto, Kotak Mahindra Bank, Britannia Industries and Dr Reddy's Laboratories.
On the sectoral front, the Realty index was down 2.5 percent and the Auto index slipped 0.4 percent. On the other hand, Power, PSU Bank indices rose 1 percent each, and Information Technology, Media indices were up 0.5 percent each.
Broader indices outperformed with BSE midcap index (up 0.6 percent) hitting fresh record high and smallcap index rose 1 percent.
Among individual stocks, a volume spike of more than 300 percent was seen in Netale, PNB and Escorts.
A long build-up was seen in PNB, Laurus Lab, Manappuram Finance, while a short build-up was seen in Godrej Properties, DLF, Torrent Pharma.
Outlook for April 4
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 73,876.82 | -27.09 | -0.04% |
| Nifty 50 | 22,434.65 | -18.65 | -0.08% |
| Nifty Bank | 47,624.25 | 78.80 | +0.17% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Shriram Finance | 2,556.45 | 90.50 | +3.67% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Nestle | 2,553.95 | -69.35 | -2.64% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 7303.85 | 127.80 | +1.78% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty FMCG | 53866.70 | -230.20 | -0.43% |
Sensex Today | Rupak De, Senior Technical Analyst, LKP Securities
Nifty remained volatile throughout the day after an initial weak start attributed to negative global cues. Despite this, the overall sentiment remains robust as the index sustains itself above key moving averages.
The Relative Strength Index (RSI) indicates bullish momentum in the short term. Over the short term, the index may trend towards 22,650. Support is positioned at 22,350 on the lower end.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
The Nifty opened gap down and witnessed a recovery during the day to close off the intraday lows though marginally in the red down ~19 points. On the daily charts we can observe that the Nifty has been witnessing consolidation since the past three trading sessions. the momentum setup on the daily and hourly tie frame is providing divergent signal and hence can lead to a consolidation in the near term. On the downside the zone of 22400 – 22350 is acting as a support zone while 22500 – 22530 is the immediate hurdle zone. A breach on the range on either side shall result in a trending move.
Bank Nifty managed to close the day in the green. The zone of 47300 – 47250 acted as a crucial support zone and absorbed the selling pressure. We expect the Bank Nifty to continue with the up-move towards 48000 – 48160 over the next few trading sessions.
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